CBN’s forex intervention hits $6bn in five months

…I&E window gets $2.2bn in six weeks as naira depreciates to N370/$ The Central Bank of Nigeria’s (CBN) total intervention at the nation’s foreign exchange market has been put at $6 billion with the new investors and exporters (I&E) window getting $2.2 billion in just six weeks of operation. The newly introduced Investors& Exporters FX […]

Inflation, insurgency hampering insurers’ earnings

Inflationary trends on claims and insecurity in Nigeria’s North-east and South-south regions are taking their tolls on operations of insurance companies in the country, according to Cornerstone Insurance Plc. The company, which rode on the back of its retail market to increase its share of business in the Nigeria’s insurance market lamented that inflation and […]

23 insurers risk liquidation on non-rendition of accounts

No fewer than 23 Nigerian insurance firms risk sanctions, which include but not limited to the suspension of their operating licences for non-rendition of accounts to regulators. Mohammad Kari, Nigeria’s Federal Commissioner for Insurance, is said to have instructed the technical department of the commission to put the affected underwriting houses on notice on the […]

South Africa’s resources stocks weaken after release of mining charter

Shares of South Africa’s resources companies weakened on Thursday after the minimum threshold for black ownership of mining companies was raised to 30 percent, dragging an index of the stocks to a 13-month low. Mines Minister Mosebenzi Zwane released the details of the much-contested revised mining charter earlier on Thursday, raising the threshold from 26 […]

Fraudsters target N3trn in non-BVN linked accounts

Fraudsters are targeting over three N3 trillion in accounts yet to be linked to the central bank of Nigeria introduced biometric verification number (BVN), according to tech and financial analysts.   The analysts, who spoke at a CEO roundtable facilitated by Ericsson and International Data Corporation, said that privileged information available to them showed that […]

CBN injects $413.5m to defend the Naira

The Central Bank of Nigeria (CBN) injected $413.5million into the inter-bank Foreign Exchange market Monday. “The CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28million, spokesperson of the apex bank, Isaac Okorafor said in a statement on […]

Lower interest rates, yields seen in Nigeria as risk factors dissipate

Market forces may soon drive down interest rates and yields on fixed income securities in the short-term researchers at FSDH have predicted. This prediction is based on improvement in a number of factors that had hitherto depressed the Nigerian economy. FSDH researchers in a note acknowledge that factors, including high inflation, weak exchange rate and […]

Nigeria’s bond market remains muted as CBN sells N18bn OMO bills

The Nigerian bond market remained largely muted Wednesday with modest buying interest on select maturities as against growing demand for treasury bills at the Open Market Operation (OMO) auctions where the Central Bank sold bills worth N18 billion. The apex bank had offered N15 billion but eventually sold N18 billion across the 191DTM and 345DTM […]